1999-2000 Annual Report, Inland Revenue Department
(Text Only)
Revenue Whilst the economy showed signs of recovery towards the end of the year under review, revenue collections were nonetheless adversely affected by the previous year's downturn. Coupled with the effect of 1998-99 Budget concessions, there was a decrease in collections of $8.8 billion in Earnings and Profits Tax (Figure 1, Schedules 1 and 2). However, as a result of the active stock market in early 2000, Stamp Duty collections increased by $1.9 billion. Overall, revenue collected by the Department during 1999-2000 totalled $93.7 billion (about 60% of the Government General Revenue, see Figure 2). This represents a decrease of $7.2 billion, or 7.1%, from that collected in the previous year. The major part of revenue collected came from Profits Tax and Salaries Tax, which together contributed some 67% (Figure 3).
The cost of collection of revenue increased from 1.21% to 1.37% (Figure 4). This was largely attributable to the fixed overheads which could not readily reduce as the overall revenue declined. Nevertheless, the cost of collection remains low by international standards.
Type of tax | 1996-97 (Dollars million) | 1997-98 (Dollars million) | 1998-99 (Dollars million) | 1999-2000 (Dollars million) |
---|---|---|---|---|
Profits Tax - Corporations | 44,945.2 | 49,447.9 | 37,686.3 | 32,333.2 |
Profits Tax - Unincorporated Businesses | 5,117.8 | 5,899.1 | 7,565.6 | 5,365.3 |
Salaries Tax | 28,708.6 | 30,158.8 | 25,062.7 | 24,831.5 |
Interest Tax | 0.1 | 0.0 | 0.0 | 0.1 |
Property Tax | 1,577.0 | 1,585.3 | 1,333.6 | 1,167.9 |
Personal Assessment | 3,617.0 | 4,432.7 | 4,098.3 | 3,216.2 |
Total Earnings and Profits Tax | 83,965.7 | 91,523.8 | 75,746.5 | 66,914.2 |
Estate Duty | 1,510.3 | 1,588.1 | 1,236.7 | 1,271.6 |
Stamp Duty | 20,460.6 | 29,096.9 | 10,188.7 | 12,115.9 |
Betting Duty | 12,190.7 | 13,453.3 | 12,228.7 | 11,937.8 |
Business Registration Fees | 1,319.9 | 1,341.1 | 1,275.7 | 1,276.2 |
Hotel Accommodation Tax | 580.1 | 511.3 | 219.0 | 182.4 |
Total revenue collected | 120,027.3 | 137,514.5 | 100,895.3 | 93,698.1 |
Percentage change over previous year | 16.8% | 14.6% | -26.6% | -7.1% |
Revenue |
1996-97 (Dollars billion) |
1997-98 (Dollars billion) |
1998-99 (Dollars billion) |
1999-2000 (Dollars billion) |
---|---|---|---|---|
Inland Revenue Department collections | 120 | 138 | 101 | 94 |
Other General Revenue | 54 | 91 | 78 | 68 |
Total Government General Revenue | 174 | 229 | 179 | 162 |
Percentage of Inland Revenue Department collections | 69.0% | 60.1% | 56.3% | 57.8% |
Type of tax | 1998-99 | 1999-2000 | Percentage change over previous year | ||
---|---|---|---|---|---|
Dollars million | Percentage | Dollars million | Percentage | ||
Profits Tax | 45,251.9 | 44.9% | 37,698.5 | 40.2% | - 16.7% |
Salaries Tax | 25,062.7 | 24.8% | 24,831.5 | 26.5% | - 0.9% |
Stamp Duty | 10,188.7 | 10.1% | 12,115.9 | 12.9% | + 18.9% |
Betting Duty | 12,228.7 | 12.1% | 11,937.8 | 12.8% | - 2.4% |
Others | 8,163.3 | 8.1% | 7,114.4 | 7.6% | - 12.8% |
Total revenue collected | 100,895.3 | 100% | 93,698.1 | 100% | - 7.1% |
Cost of collection | 1996-97 | 1997-98 | 1998-99 | 1999-2000 |
---|---|---|---|---|
Percentage | 0.86% | 0.81% | 1.21% | 1.37% |
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(Last updated/reviewed : August 30, 2001))